Credit Rating For The Unrated REITs (Part 5): National Storage Affiliates Trust

  • NSA demonstrates a strong market position, stable financials, and good liquidity, supporting a Baa3 (lower investment grade) credit rating after market adjustments. NSA.PR.B preferred stock is the more attractive choice, offering a higher yield, longer call protection, and superior yield to call for long-term income investors. NSA's asset coverage, market-adjusted returns, and fixed cost coverage ratios all support its investment-grade profile, despite higher leverage in its capital structure.